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Skanska quits Russia after a century

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10:25 CET+01:00
Swedish construction company Skanska has announced it is pulling out of Russia for good, citing mounting losses, reported Dagens Industri.

"We have lost tens of millions of kronor in Russia. It is better for us to bet on Poland and the Czech Republic where we have been successful," said a spokesman for the company.

Skanska has been active in the Russian market since 1902, but has reduced its operations over the last three years despite booming demand amid fierce competition from Russian and Turkish construction companies.

Skanska's chief executive said in conjunction with the company's Q4 results recently that with global demand for its services soaring it intends to be selective about which orders it accepts so as to maintain margins.

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